https://www.taxtmi.com/caselaws?id=757406 NCLAT dismissed the appeal challenging initiation of Corporate Insolvency Resolution Process (CIRP) under Section 9 of IBC. The corporate debtor failed to establish a pre-existing dispute regarding operational debt exceeding Rs. 1 lakh owed to the operational creditor for goods received. Claims of dispute due to GST raids and alleged fake invoices were unsubstantiated as GST proceedings did not constitute genuine pre-existing dispute between parties concerning the operational debt. Arguments regarding company solvency and preference for civil proceedings were deemed irrelevant for CIRP initiation. The adjudicating authority correctly admitted the operational creditor's application. en-us Thu, 22 Aug 2024 00:00:00 +0530 Sat, 24 Aug 2024 09:04:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757406 NCLAT dismissed the appeal challenging initiation of Corporate Insolvency Resolution Process (CIRP) under Section 9 of IBC. The corporate debtor failed to establish a pre-existing dispute regarding operational debt exceeding Rs. 1 lakh owed to the operational creditor for goods received. Claims of dispute due to GST raids and alleged fake invoices were unsubstantiated as GST proceedings did not constitute genuine pre-existing dispute between parties concerning the operational debt. Arguments regarding company solvency and preference for civil proceedings were deemed irrelevant for CIRP initiation. The adjudicating authority correctly admitted the operational creditor's application. Case-Laws Insolvency and Bankruptcy Thu, 22 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757406